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Dec 9, 2012
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WBAL
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. >> experts say the fiscal cliff could play grinch to the u.s. economy during the holiday shopping season. in a recent survey, the national retail federation found about 2/3 of shoppers said the fiscal cliff and other economic concerns would affect their holiday spending. the fiscal cliff will result in tax increases and federal spenng cuts. >> both parties are kind of, hey, i'm going to do my thing, you're going to do your thing, nobody seems to want to give in. >> many shoppers agree, as tax paying citizens, one of the top things on their wish list for christmas is for the president and congress to compromise and to get a deal done. >> please start working together and remember the people who put you in office. >> nadia ramdass, wbal-tv 11 news. >> jews around the world celebrated the beginning of hanukkah saturday night. in chicago, hundreds gathered to watch the lighting of an overicized menorah. hanukkah commemorates the jewish uprising in the second century b.c. according to tradition, when the jews dedicated the temple in jerusalem, a sing
. >> experts say the fiscal cliff could play grinch to the u.s. economy during the holiday shopping season. in a recent survey, the national retail federation found about 2/3 of shoppers said the fiscal cliff and other economic concerns would affect their holiday spending. the fiscal cliff will result in tax increases and federal spenng cuts. >> both parties are kind of, hey, i'm going to do my thing, you're going to do your thing, nobody seems to want to give in. >> many...
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Dec 12, 2012
12/12
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KGO
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the longer the white house walks this process, the closer our economy gets to the fiscal cliff. >> reporter: and the president argues that he outlined spending cuts in his last budget proposal, more than $550 billion worth. they're still on the table. negotiations will continue later today. josh? >> as that cliff looms. jake tapper, thank you for that. >>> meanwhile, calling it a big step, president obama has announced the u.s. will recognize syria's main opposition group as the country's legitimate representative. it's the latest move to force dictator bashar al assad from power. >>> meanwhile, here at home, a natural gas explosion near charleston, west virginia, set off the fire you see here. it scorched a busy highway, destroyed at least four homes. several people were rushed to the hospital because of heavy smoke inhalation. but no one was seriously hurt. no word on why the 20-inch gas line exploded. >>> meanwhile, new claims this morning that fedex may have been overcharging its customers and doing it for years. internal e-mails recently made public for a lawsuit show a sales executive
the longer the white house walks this process, the closer our economy gets to the fiscal cliff. >> reporter: and the president argues that he outlined spending cuts in his last budget proposal, more than $550 billion worth. they're still on the table. negotiations will continue later today. josh? >> as that cliff looms. jake tapper, thank you for that. >>> meanwhile, calling it a big step, president obama has announced the u.s. will recognize syria's main opposition group...
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superstorm sandy was a small factor. >>> also weighing on job creation, the looming fiscal cliff at year's end. aides to president obama and house speaker john boehner, sitting down on thursday. but no progress was made. the sticking points, tax rates for wealthy americans, a possible lifting of the nation's debt ceiling and cutting spending on entitlements. >>> and in yet another bizarre twist in the bizarre saga of software tycoon john mcafee. mcafee was rushed to the hospital thursday from a detention center in guatemala city, after complaining of chest pains. he's now back in his cell and could be send back to belize, where police want to question him about the murder of his neighbor. >>> now, here's diane sawyer with a preview of tonight's "world news." diane? >> so, josh, it's friday. it's great to talk to you. and how about a holiday tradition for years? everybody wondering, what happened to the determined little boy they loved? well, he's all grown up. and he has a perfect gift for you. tonight, behind the scenes of a christmas classic. and he is our "person of the week" tonight. >
superstorm sandy was a small factor. >>> also weighing on job creation, the looming fiscal cliff at year's end. aides to president obama and house speaker john boehner, sitting down on thursday. but no progress was made. the sticking points, tax rates for wealthy americans, a possible lifting of the nation's debt ceiling and cutting spending on entitlements. >>> and in yet another bizarre twist in the bizarre saga of software tycoon john mcafee. mcafee was rushed to the...
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fiscal cliff negotiations are now in the hands of just two people, president obama and house speaker john boehner. abc's david kerley joins us live with the latest. david, we have a positive jobs report. better than expected. consumer confidence plummeted. a lot of people attributing that to the gridlock in washington. >> reporter: they're using the jobs report right now, the obama administration. a little more fuel. and we are talking about two men now. it comes down to these two guys and a lot of jobs on the line. possible hiring freezes, furloughs if we go over the cliff. federal agencies now working on reports for the white house, of the cuts they will make if we do actually go over the cliff. a diner, middle-class taxpayers and the vice president, telling republicans a deal to extend tax cuts for all but the wealthy is easy. >> the president would probably have me sprint up to the hill to bring the bill down for him to sign. it can be done like that. >> reporter: not really. even though the two sides are talking, they aren't making much progress. remember that phone call between
fiscal cliff negotiations are now in the hands of just two people, president obama and house speaker john boehner. abc's david kerley joins us live with the latest. david, we have a positive jobs report. better than expected. consumer confidence plummeted. a lot of people attributing that to the gridlock in washington. >> reporter: they're using the jobs report right now, the obama administration. a little more fuel. and we are talking about two men now. it comes down to these two guys...
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Dec 7, 2012
12/12
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then it was the fiscal cliff. there is always something out there holding companies back. i think this means this is the new normal. we have a distrust of washington. we are not sure the economy will get better and it's kinds of every man for himself. alisyn: thanks so much. the economy is the focus of a debate in michigan where an historic employment bill is about to become law. mike tow tobin is live from chicago. >> reporter: the point republicans are trying to sell is this does not target collective bargaining. all the legislation does according to republicans is make optional union dues and union membership for everyone other than police and firefighters. union members say it attacks their foundation and in all places, michigan, the cradle of organized labor. >> you will have people that will be working right alongside of you that will not have to pay union dues that you pay union dues but will still be able to get all the benefits from being a union member. >> reporter: unlike the drawnout labor standoffs we have seen. this moved rapidly through the legislature durin
then it was the fiscal cliff. there is always something out there holding companies back. i think this means this is the new normal. we have a distrust of washington. we are not sure the economy will get better and it's kinds of every man for himself. alisyn: thanks so much. the economy is the focus of a debate in michigan where an historic employment bill is about to become law. mike tow tobin is live from chicago. >> reporter: the point republicans are trying to sell is this does not...
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Dec 7, 2012
12/12
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WJLA
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. >> reporter: the fiscal cliff is still three weeks away. but the economy may have already taken a hit. economists predict the government's monthly jobs report, due out later this morning, will show that employers added fewer than 100,000 workers in november. superstorm sandy may be part of the reason job creation slowed. but worry over the fiscal cliff may have also had an immaterial pact. some economists believe that 200,000 fewer jobs thhave been created this year, due to uncertaintabout the fiscal cliff. >> it's very important we get it done now. >> reporter: republicans and democrats are talking again. but still, no breakthrough. the parties are locked in a stalemate. president obama is demanding that higher tax rates for the wealthy and a permanent extension of the debt ceiling, the government's ability to borrow money, be part of the deal. >> he's assuming unprecedented power to spend taxpayer dollars out any limit at all. >> reporter: republicans who say they're open to raising tax revenue say they will only do so in exchange for dee
. >> reporter: the fiscal cliff is still three weeks away. but the economy may have already taken a hit. economists predict the government's monthly jobs report, due out later this morning, will show that employers added fewer than 100,000 workers in november. superstorm sandy may be part of the reason job creation slowed. but worry over the fiscal cliff may have also had an immaterial pact. some economists believe that 200,000 fewer jobs thhave been created this year, due to...
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Dec 9, 2012
12/12
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what are the odds of a deal getting done before disaster strikes in the fiscal cliff. we have optimism that our elected officials will rise to the occasion. >> i think everyone realizes how important it is. our economy is moving up some. not fast but some, and to go over the cliff would be terrible. i think we'll get an agreement. the reason i think we'll get an agreement, what's standing in the way is revenues, particularly making that top rate go up to 39.6 but we're seeing real progress. >> a unique moment in history where every developed country in the world, economists on both sides of the aisle, know the greatest threat to our country is fiscal solve advancecy. the minority party is trying to leverage the country into doing something great for our nation. it's a unique time and i hope the president soon will see the light. >> joining me the chris wallace. good morning. >> good morning, jamie. >> interesting interviews with optimism. do you think that -- they really believe a deal will happen and is each side willing to make a move? >> well, both senators said the
what are the odds of a deal getting done before disaster strikes in the fiscal cliff. we have optimism that our elected officials will rise to the occasion. >> i think everyone realizes how important it is. our economy is moving up some. not fast but some, and to go over the cliff would be terrible. i think we'll get an agreement. the reason i think we'll get an agreement, what's standing in the way is revenues, particularly making that top rate go up to 39.6 but we're seeing real...
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Dec 8, 2012
12/12
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if it it doesn't we could go over the fiscal cliff and right now the economy is in a fragile position. >> no one can argue with that one. a lot of criticism on both sides and a lot pointing to republicans that they want to see the fiscal cliff happen. is there any upside if we actually go over the cliff? >> there's no upside if we go over the cliff and what you've seen the last couple of weeks is political theater. that's how we negotiate things here in washington d.c. and the good news, the president put forth a plan and republicans have put forth a plan and i believe that obama will have to come to the table with more spending cuts and entitlement reform and republicans might have to give in to some tax increases and the cbo do a recent report, saying if republicans get what they want in extending the entire bush tax cut plan. it would only increase the gd growth by 1.5%. if we do what president obama wants to do, it will only increase the gdp by 1.25%, having said that, it's just not about tax cuts, doug, it's more about cutting wasteful government spending. >> i was going to ask d
if it it doesn't we could go over the fiscal cliff and right now the economy is in a fragile position. >> no one can argue with that one. a lot of criticism on both sides and a lot pointing to republicans that they want to see the fiscal cliff happen. is there any upside if we actually go over the cliff? >> there's no upside if we go over the cliff and what you've seen the last couple of weeks is political theater. that's how we negotiate things here in washington d.c. and the good...
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Dec 8, 2012
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and a new factor complicating efforts to reach a deal over the fiscal cliff. the president needs to make the next move. >> it is not going to help our economy, and it is not going to help those seeking work. i came out to put revenues on the table and to take a step toward the president to resolve this. when is he going take a step toward us? >>> welcome back and time for a quick check of the head loins. headlines. john mcafee is fighting deportation from guatemala to belize. he is wanted for questioning in the death of a neighbor. he became a millionaire after developing anti-virus software. >>> and former south african president nelson mandela is undergoing testing at a hospital. the 94-year-old hasn't made public appearances for years. >>> and a massive typhoon devastating the philippines has made a u-turn. the storm already killed nearly 600 people, and now it is threatening to mick a second land -- threatening to make a second landfall. greg? >>> president obama asking pong for tens -- asking for tens and billions of dollars. he is calling for $64 billion
and a new factor complicating efforts to reach a deal over the fiscal cliff. the president needs to make the next move. >> it is not going to help our economy, and it is not going to help those seeking work. i came out to put revenues on the table and to take a step toward the president to resolve this. when is he going take a step toward us? >>> welcome back and time for a quick check of the head loins. headlines. john mcafee is fighting deportation from guatemala to belize. he...
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Dec 8, 2012
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cliff. our economy cannot sustain that and it cannot happen. >> when is the sausage done? >> the sausage will get done a couple of hours before christmas eve. they will keep them in the house until very late. they will put something through at the very end. it won't be pretty. it won't be a long-term solution, and my guess is they will put a bandaid long enough to get us to about february where we can have the same discussion when we hit the debt limit ceiling in february and do it all over again. >> debbie, what is your prediction on this? >> i think chip and i agree it will be the end of the year. i have told congressional spouses they should plan on their spouses working between christmas and new year's, and that's what the american people want. they are elected to govern and that's part of the job. >> do you agree with chip that it will be a temporary fix? >> i don't know. >> it will just take us into the new year, or will they do a grand bargain here? >> well, i think you could get a gr
cliff. our economy cannot sustain that and it cannot happen. >> when is the sausage done? >> the sausage will get done a couple of hours before christmas eve. they will keep them in the house until very late. they will put something through at the very end. it won't be pretty. it won't be a long-term solution, and my guess is they will put a bandaid long enough to get us to about february where we can have the same discussion when we hit the debt limit ceiling in february and do it...
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Dec 10, 2012
12/12
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FOXNEWS
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way this month due to the national health care law no matter what happens with the fiscal cliff. that is coming. what it will cost you. bill: hello, old man winter. he is out there and he is acoming. a major blizzard raging across the midwest bringing record levels of snow. it is de10th, right? martha: it is time. bill: so who is next? ♪ . martha: old man winter, a major storm is pounding parts of the upper midwest, unleashing record levels of snowfall. that's a lot out there. high winds, frigid air. minnesota of course very used to this kind of weather this time of year but even this is really out of the ordinary. reporter tom halden with our minneapolis affiliate ksft. he is driving, i don't know if i recommend that. there he is. he is out of the car. how bad is it out there? >> reporter: well, martha, it is really cold. we have been driving around the twin city roads this morning. we've been streaming and thought, you know what? it is 12 degrees. we have a full foot of snow on the ground. the kids are out of school, a lot of them, why not hop out of the car and let you guys
way this month due to the national health care law no matter what happens with the fiscal cliff. that is coming. what it will cost you. bill: hello, old man winter. he is out there and he is acoming. a major blizzard raging across the midwest bringing record levels of snow. it is de10th, right? martha: it is time. bill: so who is next? ♪ . martha: old man winter, a major storm is pounding parts of the upper midwest, unleashing record levels of snowfall. that's a lot out there. high winds,...
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Dec 12, 2012
12/12
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CNNW
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the longer the white house slow walks this process the closer the economy gets to the fiscal cliff. >> where are the revenues? where are the revenues? regardless of the cuts or changes of entitlements more is demanded in terms of what seniors would have to pay in to a medicare and what age that would happen. while the republicans refuse to touch one hair on the head of a the wealthiest people in our country. >> when it comes to taxes the top senate republicans said it was time for his party to give in and move on. >> what the president is trying to the achieve on the top two tax rates, you know, he can get by doing nothing. the law is certainly stacked in his favor. >> sharing the view a tack increase is all but inevitable. >> senator coburn is joining us now. you have said the tax rates are going up on the wealthiest 2% of a americans. it sounds like more republicans are coming around to your way of thinking. i understand you have been talking to republican colleagues about support ing this and insisting spending cuts. what level of support is there among your colleagues for a deal l
the longer the white house slow walks this process the closer the economy gets to the fiscal cliff. >> where are the revenues? where are the revenues? regardless of the cuts or changes of entitlements more is demanded in terms of what seniors would have to pay in to a medicare and what age that would happen. while the republicans refuse to touch one hair on the head of a the wealthiest people in our country. >> when it comes to taxes the top senate republicans said it was time for...
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Dec 7, 2012
12/12
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MSNBCW
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fiscal cliff. it's time for the president, if he's serious to come back to us with a counter offer. >> the president told a virginia family on thursday he won't back down on taxing the rich. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one. >> the rebels gain on assad raising fears he might use chemical weapons. that was enough to frighten the russians into talking with hillary clinton about a political transition. >> the united states stands with the syrian people in insisting that any transition process re -- result in a unified democratic syria in which all citizens are represented. the future of this kind cannot possibly include assad. >> a tragic turn of events in london. the nurse that first transferred that prank call to duchess catherine is found dead. david axelrod shaves it all off on "morning joe." >> joe scarbor
fiscal cliff. it's time for the president, if he's serious to come back to us with a counter offer. >> the president told a virginia family on thursday he won't back down on taxing the rich. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one. >> the rebels gain on assad raising fears he might use...
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Dec 5, 2012
12/12
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WETA
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is in the fiscal cliff. in britain today, the finance minister george osborn was forced to defend his policy of austerity in the light of economic growth. >> when georgia osborn when to address the house of commons from the british economy -- on the british economy, he had to read mcvet is taking much longer than in must got to balance -- he had to admit it is taking much habrÉ than it osborn when o address was first thought to balance the nation's books. >> the people want to know that we are making progress, and the message today is that we are making progress. it is a hard road, but we are getting there. >> he pointed to the economic problems globally that are making his job harder. as a result, the chancellor announced austerity would have to last for logger, until 2018, in fact. that means more benefits will now be squeezed, and there will be a tax rates on the pension pops. >> i know these tax measures willthought to balance not be r. ways to reduce the deficit never are. but we must act together. whe
is in the fiscal cliff. in britain today, the finance minister george osborn was forced to defend his policy of austerity in the light of economic growth. >> when georgia osborn when to address the house of commons from the british economy -- on the british economy, he had to read mcvet is taking much longer than in must got to balance -- he had to admit it is taking much habrÉ than it osborn when o address was first thought to balance the nation's books. >> the people want to know...
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Dec 6, 2012
12/12
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KQED
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is in the fiscal cliff. in britain today, the finance minister george osborn was forced to defend his policy of austerity in the light of economic growth. >> when georgia osborn when to address the house of commons from the british economy -- on the british economy, he had to read mcvet is taking much longer than in must got to balance -- he had to admit it is taking much habrÉ than it osborn when o address was first thought to balance the nation's books. >> the people want to know that we are making progress, and the message today is that we are making progress. it is a hard road, but we are getting there. >> he pointed to the economic problems globally that are making his job harder. as a result, the chancellor announced austerity would have to last for logger, until 2018, in fact. that means more benefits will now be squeezed, and there will be a tax rates on the pension pops. >> i know these tax measures willthought to balance not be r. ways to reduce the deficit never are. but we must act together. whe
is in the fiscal cliff. in britain today, the finance minister george osborn was forced to defend his policy of austerity in the light of economic growth. >> when georgia osborn when to address the house of commons from the british economy -- on the british economy, he had to read mcvet is taking much longer than in must got to balance -- he had to admit it is taking much habrÉ than it osborn when o address was first thought to balance the nation's books. >> the people want to know...
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Dec 8, 2012
12/12
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KQED
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now things have changed and there is more concerned about the fiscal cliff. they asked about a resolution. >> what could the impact speed? we are looking at a time when the global recovery is fragile at best. >> of u.s. is 20% of the global economy. if the u.s. suffers as a result of a fiscal cliff, a complete wiping out of its growth is going to have repercussions around the world. probably half of that. if the u.s. economy has less growth, it will probably be 1% less in mexico, canada, probably less so in europe and japan. but there will be a ripple effects. >> are you worried about it? >> yes. of course i worry about it. the u.s. is a big chunk of the global economy. it has often been a driver of growth. and to have that player virtually flat, if not in recession, would be bad news for the rest of the world. we do not need that because recovery is fragile. we do not want to have this knock on affect on the fragile recovery. >> what would your message be to members of both parties on capitol hill as their negotiating? >> i would say focus on the real issue.
now things have changed and there is more concerned about the fiscal cliff. they asked about a resolution. >> what could the impact speed? we are looking at a time when the global recovery is fragile at best. >> of u.s. is 20% of the global economy. if the u.s. suffers as a result of a fiscal cliff, a complete wiping out of its growth is going to have repercussions around the world. probably half of that. if the u.s. economy has less growth, it will probably be 1% less in mexico,...
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Dec 9, 2012
12/12
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cliff threat. joining us now to talk more about that cliff is mark zandi, reief economist at moody's analytics. mark, is that threat credible? i guess we saw hiring last month, the stock market is hanging in there. what's the feeling on the part i thorporate america? bu well, you know, i think businesses feel like we're going deget a deal. they expect the president and house speaker boehner to come together and get this done. if they didn't, they'd be laying off workers, and as we can see by the data they are not doing nhat. eut they are cautious, and appropriately so. washington can botch this so gtey aren't very aggressive with their hiring. ehey pulled back on their pnvestment on their advertising. wey also realize tax rates are going up next year, so what they're doing is announcing special dividends and pulling dividends forward into this year because they realize that tax rates on dividends next year will be higher. so they're trying to give their shareholders a break. >> dubois: so that's wh
cliff threat. joining us now to talk more about that cliff is mark zandi, reief economist at moody's analytics. mark, is that threat credible? i guess we saw hiring last month, the stock market is hanging in there. what's the feeling on the part i thorporate america? bu well, you know, i think businesses feel like we're going deget a deal. they expect the president and house speaker boehner to come together and get this done. if they didn't, they'd be laying off workers, and as we can see by...
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. >> pelley: we asked chip reid to visit with a family staring over the fiscal cliff. >> reporter: sean and jody watson have four daughters ages five to 14 and know all too well the sacrifices and sleepless nights endured by middle-class families in a struggling economy. >> we don't go out to eat much. we don't spend-- we don't go to the movies much. >> we do a lot of thrift store shopping for my kids for clothes. >> reporter: shawn was unemployed for a year in washington state then two years ago he got a job as an accountant with the federal government so the family of six-- their savings depleted-- moved across the country to woodbridge, virginia. his salary of a little more than $70,000 is less than what he used to make. >> before we lost our job they were in-- two were in piano and we haven't been able to do things like that. >> reporter: what's the hardest part of this? >> for me it's my kids, knowing that i want more for them. my oldest, who's the one that's most aware of what we've been going through the last couple years she asked me recently, this summer, she's like "mommy, whe
. >> pelley: we asked chip reid to visit with a family staring over the fiscal cliff. >> reporter: sean and jody watson have four daughters ages five to 14 and know all too well the sacrifices and sleepless nights endured by middle-class families in a struggling economy. >> we don't go out to eat much. we don't spend-- we don't go to the movies much. >> we do a lot of thrift store shopping for my kids for clothes. >> reporter: shawn was unemployed for a year in...
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Dec 10, 2012
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cliff and the impact it could have on the u.s. economy. >> i'd make a couple comments. we've got to get this done now. not there are people who write and go on news shows and say we can let it lapse two weeks. that is specifically not true. we need this to get resolved now. not because because jim mcnerney will say it or jeff immelt will say it, but the millions who work for us, their lives are in flux. this is incredibly credible that we get it done now. we need revenue. everybody knows we need revenue. >> i think the president is right in asking for more revenue and therefore not extending the bush tax cuts to those with more than $250,000. >> bowles-simpson, there's not been one commission that says we can do this just on spending cuts. there has to be revenue. i think speaker boehner is the only guy that can lead us in that. >> that means you've got to take the republicans from the house of representatives and make the deal. >> and i trust that he could do it. >> we'll have more of that conversation with jeff immelt, including
cliff and the impact it could have on the u.s. economy. >> i'd make a couple comments. we've got to get this done now. not there are people who write and go on news shows and say we can let it lapse two weeks. that is specifically not true. we need this to get resolved now. not because because jim mcnerney will say it or jeff immelt will say it, but the millions who work for us, their lives are in flux. this is incredibly credible that we get it done now. we need revenue. everybody knows...
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Dec 12, 2012
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. >> the longer the white house ze slow walks this process the closer our economy gets to the fiscal cliff. >> reporter: mr. obama's new proposal lowered his request for tax revenue from $1.6 trillion in ten years to $1.4 trillion.trillion on tuesday the white house threw corporate tax reform into the mix, adding it to the already agreed upon push next year for reform of individual tax rates.dismisse boehner's described it as unrealistic and said the tax revenue was "a red herring." the top senate democrat doubted a fiscal cliff deal would be l cli wrapped in time for christmas. >> i think it's going to be extremely difficult to get it done before christmas. >> reporter: speaker boehner is meeting at this hour with house republicans. despite all the gloom the president said he remains confident a fiscal cliff deal will get done. charlie and norah? >> major garrett thank you. nancy pelosi leads the democratseads in the house of representatives. we're pleased to have her with this m us.good good morning. >> good morning. >> where are these negotiations? when they were bargaining over t
. >> the longer the white house ze slow walks this process the closer our economy gets to the fiscal cliff. >> reporter: mr. obama's new proposal lowered his request for tax revenue from $1.6 trillion in ten years to $1.4 trillion.trillion on tuesday the white house threw corporate tax reform into the mix, adding it to the already agreed upon push next year for reform of individual tax rates.dismisse boehner's described it as unrealistic and said the tax revenue was "a red...
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Dec 7, 2012
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. >>> meanwhile back here at home, the fiscal cliff threatens to shake our economy. and this morning there's still no sign of a budget agreement. mandatory spending cuts and tax hikes will take effect in 25 days if there is no deal. president obama was in the holiday spirit last night as his family lit the national christmas tree. earlier he warned the budget crisis would dampen the holidays. >> we're in the midst of the christmas season. i think the american people are counting on this getting solved. the closer it gets to the brink, the more stressed they're going to be. >> the president repeated that if republicans refuse to raise tax rates on wealthy americans, there will be no deal. and speaking of spending money, this sunday morning on "face the nation," bob schieffer talks with the author of the bowles-simpson deficit-cutting plan, erskine bowles and alan simpson. >>> here's a million-dollar question. should passengers be allowed to use electronic devices during takeoff and landing? this morning the fcc says yes. it's written a letter urging the faa to allow t
. >>> meanwhile back here at home, the fiscal cliff threatens to shake our economy. and this morning there's still no sign of a budget agreement. mandatory spending cuts and tax hikes will take effect in 25 days if there is no deal. president obama was in the holiday spirit last night as his family lit the national christmas tree. earlier he warned the budget crisis would dampen the holidays. >> we're in the midst of the christmas season. i think the american people are counting...
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he's going to talk about the economy and fiscal cliff within the hour. we'll go to that live. >>> first to florida. that's where we learn new details about a long running mystery. in the town marianna and they have found more grave sites on the grounds a school that closed last century. nobody knows how many boys may be buried there and what abuse he suffer the at that school. ed lavandera spent years investigating the story, and he has the details. >> a mystery haunting the ground of this now defunct school for boys in marianna involving teenage boys sent here decades ago, some never seen again. in recent years former students in "twilight" years have come forward with horrific stories of punishing aaabuse doled out by school leaders and friends that vanished, stories told by cnn. they accused former school leaders of beatings, sexual abuse and even murder. which brings us to this cemetery on the school's grounds. the bodies of 31 boys are buried here. florida authorities claim they know how all the boys died, some killed in a fire and symptom in a flu
he's going to talk about the economy and fiscal cliff within the hour. we'll go to that live. >>> first to florida. that's where we learn new details about a long running mystery. in the town marianna and they have found more grave sites on the grounds a school that closed last century. nobody knows how many boys may be buried there and what abuse he suffer the at that school. ed lavandera spent years investigating the story, and he has the details. >> a mystery haunting the...
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cliff looming, our consumers feeling at all concerned? christine romans joins us now from new york with that. good morning, christine. >> good morning, ted. first, let me tell you what's going right in the economy for consumers. there's a whole host of things. the job markets, 7.7% unemployment, the lowest in four years. you've got the housing market showing signs of recovery. rising home values in much of the country. gas prices, did you notice? they're down 46 cents over the past couple of months. they're expected to keep going lower and the dow is up 20 points now. the dow is above 1,300 and the s&p 500 is up 12% this year. so, what could go wrong? fiscal cliff. this is something weighing op consumer sentiment and we're starting to see it in the weekly -- look at this -- 39% said it would affect it some. they don't seem to have much faith in congress to fix it and any time except 11th hour and maybe a week into the new year and there's this payroll tax holiday that most people have been enjoying now for well over a year. almost two yea
cliff looming, our consumers feeling at all concerned? christine romans joins us now from new york with that. good morning, christine. >> good morning, ted. first, let me tell you what's going right in the economy for consumers. there's a whole host of things. the job markets, 7.7% unemployment, the lowest in four years. you've got the housing market showing signs of recovery. rising home values in much of the country. gas prices, did you notice? they're down 46 cents over the past couple...
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. >>> some folks worried now about the fiscal cliff. one economist worried that a budget deal will actually hurt the economy and send unemployment sky-high. i'll hear what he has to say up next. [ male announcer ] introducing... a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgreens -- where you'll find 8,000 convenient locations. best of all, this plan has the lowest part d premium in the united states -- only $15 a month. open enrollment ends december 7th. so call today or visit your local walgreens. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. home of the legendary grand prix circuit. the perfect place to bring the all-new cadillac ats to test the 2.0-liter turbo engine. [ engine revs ] ♪ [ derek ] 272 horsepower. the lightest in its class. the cadillac ats outmatches the bmw 3
. >>> some folks worried now about the fiscal cliff. one economist worried that a budget deal will actually hurt the economy and send unemployment sky-high. i'll hear what he has to say up next. [ male announcer ] introducing... a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgreens -- where you'll find 8,000 convenient locations....
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. >>> starbucks ceo says going over the fiscal cliff is a bitter brew for the global economy. ali is back with more on that. >>> plus, time to buy apple stock? that's next. [ male announcer ] truth is, dayquil doesn't work on runny noses. what? [ male announcer ] it doesn't have an antihistamine. really? [ male announcer ] really. alka-seltzer plus cold and cough fights your worst cold symptoms, plus has a fast acting antihistamine to relieve your runny nose. [ sighs ] thank you! [ male announcer ] you're welcome. that's the cold truth! [ male announcer ] alka-seltzer plus. ♪ oh what a relief it is! ♪ [ male announcer ] can't find theraflu? try alka-seltzer plus for fast, liquid, cold, and flu relief. ♪ >>> democrats need to own up to taxes because they can't have their cake and eat it, too. from the cnn money newsroom, i'm ali velshi. this is "your money." i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use them
. >>> starbucks ceo says going over the fiscal cliff is a bitter brew for the global economy. ali is back with more on that. >>> plus, time to buy apple stock? that's next. [ male announcer ] truth is, dayquil doesn't work on runny noses. what? [ male announcer ] it doesn't have an antihistamine. really? [ male announcer ] really. alka-seltzer plus cold and cough fights your worst cold symptoms, plus has a fast acting antihistamine to relieve your runny nose. [ sighs ] thank...
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first, forget the fiscal cliff, because the economy is coming back. americans are feeling more optimistic about 2013 and if we play our cards right, we're going to see a new economic renaissance. td ameritrade recently surveyed folks on their outlook for the new year. 43% say they're downright optimistic about the economy and believe we're headed for a rebound. 45% are feeling good about their own finances, but we already know that things are starting to get better. look, we're adding jobs every month, consumer debt continues to shrink. stock markets are up. longer term, though. america will reap the rewards of its domestic energy boom and more oil and gas gets extracted. the drop in the price of natural gas is already helping utilities and factories compete. that's creating more american jobs. and there is more. housing will be the golden lining to the economic cloud that is hanging over this country. mortgage rates are at historic low and should stay that way for the next two years but home prices have seen their bottom and are heading back up. when
first, forget the fiscal cliff, because the economy is coming back. americans are feeling more optimistic about 2013 and if we play our cards right, we're going to see a new economic renaissance. td ameritrade recently surveyed folks on their outlook for the new year. 43% say they're downright optimistic about the economy and believe we're headed for a rebound. 45% are feeling good about their own finances, but we already know that things are starting to get better. look, we're adding jobs...
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the longer the white house walks the process, the closer our economy gets to the fiscal cliff. >> what i would do to respond to what the speaker has said, though, is to set the record straight. the fact is that the president has and democrats agree with him, agreed to over $1.5 trillion, $1.6 trillion in cuts and the budget control act and other acts of congress in this -- in this particular congress. $1.6 trillion in cuts. where are the cuts? they're in bills that you, mr. speaker, have voted for. >> so it all comes down to tax revenues and spending cuts. tom foreman gives us a virtual view of what is involved in negotiations. watch. >> what you're looking at in the room is everything the federal government spends money on. and that scoreboard back there shows you the problem. last year we spent $3.6 trillion in all of the stuff. but we only took in 2.3 trillion in taxes or revenue. democrats talk in the talks about the revenue side of the equation. they say if we can find a way to gin up more taxes lean on the rich harder, that's how we can dole with the deficit. republicans agreeing
the longer the white house walks the process, the closer our economy gets to the fiscal cliff. >> what i would do to respond to what the speaker has said, though, is to set the record straight. the fact is that the president has and democrats agree with him, agreed to over $1.5 trillion, $1.6 trillion in cuts and the budget control act and other acts of congress in this -- in this particular congress. $1.6 trillion in cuts. where are the cuts? they're in bills that you, mr. speaker, have...
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in front of them and hear all this fighting in washington about the fiscal cliff. you've been looking for a job for more than six months now. are you more optimistic or less than things will turn around next year? >> i believe it's going to turn around. it will probably take a little time, but i think it will. >> you need the government to help now until that happens? >> yes, i definitely do. >> you just had a baby. congratulations. >> thank you. >> are you concerned about your kid's future in all of this? >> i am. i mean, my biggest concern is that i leave my son with more burdens. i want him to have as many opportunities as he can to be successful in the future, and my concern is that, you know, he's going to be burdened by the entitlements that we're leaving him due to the older generations. i want to make sure he has a clean slate and he's a successful citizen and can do as much as he can. i'm worried. i think america needs to address this entitlement issue. for my son i would be willing to postpone when i receive my entitlements. >> your sacrifice would be you
in front of them and hear all this fighting in washington about the fiscal cliff. you've been looking for a job for more than six months now. are you more optimistic or less than things will turn around next year? >> i believe it's going to turn around. it will probably take a little time, but i think it will. >> you need the government to help now until that happens? >> yes, i definitely do. >> you just had a baby. congratulations. >> thank you. >> are you...
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toward a fiscal cliff. republicans offered president obama a proposal that retained the bush tax cuts for the wealthy, and now they say the ball is in the president's court. >> this week we made a good faith offer to avert the fiscal crisis. now we need a response from the white house. we can't sit here and negotiate with ourselves. >> both sides promise to cut trillions from government spending over the next decade, but the republicans insist they can do it without raising taxes on the rich. president obama insists that's a nonstarter. he shared his message with rich folks at the business round table. he told them they could handle paying more in taxes. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that will affect your spending, your lifestyles, or the economy in any significant way. >> business round table is a lobby group made up of some of the country's biggest ceos, ceos of some of the country's bigg gt companies. if you don't know what the fisc
toward a fiscal cliff. republicans offered president obama a proposal that retained the bush tax cuts for the wealthy, and now they say the ball is in the president's court. >> this week we made a good faith offer to avert the fiscal crisis. now we need a response from the white house. we can't sit here and negotiate with ourselves. >> both sides promise to cut trillions from government spending over the next decade, but the republicans insist they can do it without raising taxes on...
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fiscal cliff negotiations, they're really focused on fixing the debt. how can you fix the debt if you can't fix the economy? if you can't fix the jobs situation? >> oh, boy, this is the magic question this is why people like paulfreaking out and going, wait a minute, we go over the fiscal cliff, it is austerity, it is bad for job creation and that could be a problem. the bigger issue i think in the long-term unemployment problem is we never really dealt with it from the beginning of the jobs crisis. so 12 million people out of work, 40% of them, more than six months, that's insane. but we have not had a real program to get those long-term unemployed back to work. and, you know, frankly, i don't see anything happening in the future. as we look at that fiscal cliff, what does that really do? it says government is going to spend less money, less money means less job training, less ways to get the unemployed back to work. that really says that we're probably going to be stuck with an unemployment problem for a long time. >> so avoiding a fiscal cliff doesn'
fiscal cliff negotiations, they're really focused on fixing the debt. how can you fix the debt if you can't fix the economy? if you can't fix the jobs situation? >> oh, boy, this is the magic question this is why people like paulfreaking out and going, wait a minute, we go over the fiscal cliff, it is austerity, it is bad for job creation and that could be a problem. the bigger issue i think in the long-term unemployment problem is we never really dealt with it from the beginning of the...
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. >> let's talk more about the fiscal cliff. how do you think this could factor into discussion? >> yeah. i think that this roar today helps, i think the administration's case for the fact that we immediate to -- administration needs to -- democrats need to extend the tax cuts, bush tax cuts, forethose up to $250,000, probably immediate to extend the payroll tax cut. these are major forms of stimulus that middle income households and receive the dollars don't save it. they spend it. i think it also provides a little wind to the sail of the administration that we need to extend the unemployment insurance benefits that have -- we have been providing to families. which are another important stimulus for families here in the u.s. >> you answer made question about the work force because about a half million people left the work for according to bls and talked about why you believe that factored into it. what do you think is missing from the report, though? >> what's missing, i think of -- you know, we focus so much on the employment
. >> let's talk more about the fiscal cliff. how do you think this could factor into discussion? >> yeah. i think that this roar today helps, i think the administration's case for the fact that we immediate to -- administration needs to -- democrats need to extend the tax cuts, bush tax cuts, forethose up to $250,000, probably immediate to extend the payroll tax cut. these are major forms of stimulus that middle income households and receive the dollars don't save it. they spend it....
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to grow. >> is it possible that this whole debate and the fiscal cliff, whether or not we go over it or not, would bakt how many people are working the next year? >> it will definitely impact, but i think what the numbers are telling us and what we've seen for the last couple of months is that the affect will not be as great as most people are predicting. you know, we kind of got this y2k kifr syndrome that's going on. it will certainly have an affect, but it also means that we can -- we're in a position to really craft a real comprehensive way to -- >> are these good jobs? what kind of jobs are these? >> they are. it's interesting. if you look at whether jobs are created, most of them are administrative management kind of jobs, but people are being re-employed at a much lower salary than the jobs that they had when they were unemployed, and they're also coming back into part-time jobs. >> all right. it's a mixed picture. >> it is. >> i know you have always been predicting a good -- we're always happy when you are right. thank you, danny. >> okay. >>> a labor issue that is drawing ou
to grow. >> is it possible that this whole debate and the fiscal cliff, whether or not we go over it or not, would bakt how many people are working the next year? >> it will definitely impact, but i think what the numbers are telling us and what we've seen for the last couple of months is that the affect will not be as great as most people are predicting. you know, we kind of got this y2k kifr syndrome that's going on. it will certainly have an affect, but it also means that we can...
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. >> when it comes to the fiscal cliff that is threatening our economy and threatening jobs, the white house has wasted another week. >> reporter: he and the president spoke by phone, only once all week, and it didn't produce much. >> just more of the same, it is time for the president to be serious, to come back to us with a counter offer. >> reporter: but what may have been most notable what was john boehner did not say. he did not repeat his demand to keep taxes cuts for the wealthy in place, the biggest issue that divides them, instead he said this. >> there are a lot of things possible for the revenue, to put on the table. but none of it will be possible if the president insists on his position, insists on my way, or the highway. >> reporter: aides to john boehner and the president who are doing the negotiating are tight-lipped. but others suggest possible compromise on the thorny tax issue. one, instead of raising the current tax rate on the wealthy from the 37% from the bush tax era, to 36%, as the president wants, pick a middle ground. republicans are so concerned about small b
. >> when it comes to the fiscal cliff that is threatening our economy and threatening jobs, the white house has wasted another week. >> reporter: he and the president spoke by phone, only once all week, and it didn't produce much. >> just more of the same, it is time for the president to be serious, to come back to us with a counter offer. >> reporter: but what may have been most notable what was john boehner did not say. he did not repeat his demand to keep taxes cuts...
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and cut a deal that hurts growth,o from a year from now we'll have a worse fiscal cliff. we have a 16 trillion-dollar debt. these tax increases do nothing to self, you have 200,000 less jobs next year for, that those who vote for that will be held responsible for that decision. neil: is it terrible public policy if you leave off the table. what accounts the majority of spending off the table. if you leave out medicare, and medicaid, and don't even pry to bridge up -- try to bring up social security, 8 democratic members and congressmen marked that, don't touch these entitlements, one of next. ♪ [ gine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter ent back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 c250 for $349 a month at your local mercedes-benz dealer. >> the cuts to medicaid are not the solution. medicaid and medicare, we can discuss that later. don't make medicare and medicaid a part of this fiscal reduction program. >> we're not budging on medicare, and
and cut a deal that hurts growth,o from a year from now we'll have a worse fiscal cliff. we have a 16 trillion-dollar debt. these tax increases do nothing to self, you have 200,000 less jobs next year for, that those who vote for that will be held responsible for that decision. neil: is it terrible public policy if you leave off the table. what accounts the majority of spending off the table. if you leave out medicare, and medicaid, and don't even pry to bridge up -- try to bring up social...
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everybody debated the fiscal cliff as if it's an appropriations bill. really it's fiscal tightening. you have to ask yourself what's going to offset? policy makers from washington can get it wrong and tighten too much. the economy looks -- >> are they likely to tighten too much? is that palatable to do now? >> all the signals -- the debate is occurring in the public arena right now. looks like pure politics. we haven't seen a sound compromise solution yet be put on the table. but then again there's weeks to go. so you have to wait and see. >> we want to make some regards on deal or no deal. what would you advise we do right now? >> i can tell you the trend of what we're seeing here. it smells like a santa claus rally. i wouldn't be surprised to see this thing spike maybe 50 more points higher on the s&p. you know, one thing that might upset that would be if the fed came up with some sort of surprise they're going to stop printing money for all the bonds they're repurchasing. but i don't think that's going to happen. so i think they're going to come up w
everybody debated the fiscal cliff as if it's an appropriations bill. really it's fiscal tightening. you have to ask yourself what's going to offset? policy makers from washington can get it wrong and tighten too much. the economy looks -- >> are they likely to tighten too much? is that palatable to do now? >> all the signals -- the debate is occurring in the public arena right now. looks like pure politics. we haven't seen a sound compromise solution yet be put on the table. but...
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we know the expectations on the economy if we go over the fiscal cliff, that the economy will see a contraction of a couple of percentage points. where are you on earnings for 2013, what are your expectations? >> maria, look at the s&p numbers, looking for a slow single digit percentage gains. for this period of the fourth quarter looking for gains in telecommunications and financials. i think the critical part, investors ought to be very keen just to weigh in the risk, you know, and the fact they had a very rewarding year in 2012, we were up about 12% on the s&p 500. earnings will be very much held captive by the fact that the uncertainty not only about the fiscal cliff but debt ceiling. >> very quickly, john, we're lose altitude in this market rapidly. what do you make of this, and what are you expecting to close here? >> just shows you how fragile our markets r.one comment out of washington can take profits off the table intraday. we'll hold on to our gains here. >> thanks, everybody. we appreciate it. where exactly do we stand in these fiscal cliff negotiations in the latest now from our jo
we know the expectations on the economy if we go over the fiscal cliff, that the economy will see a contraction of a couple of percentage points. where are you on earnings for 2013, what are your expectations? >> maria, look at the s&p numbers, looking for a slow single digit percentage gains. for this period of the fourth quarter looking for gains in telecommunications and financials. i think the critical part, investors ought to be very keen just to weigh in the risk, you know, and...
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may totally collapse, and it's not because of the fiscal cliff. he's here sounding alarm bells when we come back, and also ahead, what will happen to our economy if we do go over the cliff in the best and the worst case scenarios still to come on the "closing bell." tdd#: 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important to me. tdd#: 1-800-345-2550 it's packed with tools that help me work my strategies, tdd#: 1-800-345-2550 spot patterns and find opportunities more easily. tdd#: 1-800-345-2550 then, when i'm ready... act decisively. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550
may totally collapse, and it's not because of the fiscal cliff. he's here sounding alarm bells when we come back, and also ahead, what will happen to our economy if we do go over the cliff in the best and the worst case scenarios still to come on the "closing bell." tdd#: 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550...
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will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> welcome back. this very public negotiation on the fiscal cliff still does not seem to be closing in on a deal. the white house out in campaign style events regularly, making multiple media appearances, kle including timothy geithner right here in 25 minutes. >> but would things be done faster if it was done privately? in his latest column, jeff goldfor a compares u.s. budget talks to merger proxy battles. jeff joins us to explain about that. plus, we have bob from
will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a...
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liz: are we wasting too much time on fiscal cliff discussion and the potential effect on our money, should we not be focusing on these other issues and somehow bulletproof our investments as it pertains to each one of these concerns. we talk about doubling up. >> we should make pay more attention to europe. the attention we're paying to the fiscal cliff is not actually productive. in fact, it is leading to polarization of positions that have to be negotiated in private, and the lesson here from washington, the better i like the fiscal cliff. liz: the talks were secret today. >> might notice the financial markets are not actually very volatile in response to the special fiscal cliff. we should let it go. -@something will be resolved evn if it is only postponement, which i suppose sinc into the mt likely outcome. liz: talk mother three hidden risks bubbling up. we'll put the him on the facebok page. thank you, it is an honor to have you here. do you have a facebook page? >> the volatility institute. >> one of her students will help you put together. good to see you, professor. the closing be
liz: are we wasting too much time on fiscal cliff discussion and the potential effect on our money, should we not be focusing on these other issues and somehow bulletproof our investments as it pertains to each one of these concerns. we talk about doubling up. >> we should make pay more attention to europe. the attention we're paying to the fiscal cliff is not actually productive. in fact, it is leading to polarization of positions that have to be negotiated in private, and the lesson...
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the fiscal cliff potentially sending the economy into recession. the fear of the cliff. is that putting a veil over your eyes and pretending you seeing good news that could make better trades for your portfolio? you need to see the forest for the trees. to help do that, liz saunders in a fox business exclusive, charles schwab's vice president and chief investment strategist. what is the biggest mistake that the investor is making right now as it pertains to navigating that very rocky fiscal cliff landscape? >> they are trying to trade around perceived outcomes. that is fairly treacherous. we don't get a sense that a lot of investors are doing that -- [talking over each other] liz: there were buying in on the dips because they are trading around he headlines. >> there's a lot of tax related strategy happening right now, many of which make a lot of sense, but i have asked the question of loss, what would you put money on a particular outcome? i wouldn't. that is a dangerous strategy. >> one scenario could be as damaging as another. we can gain that at this point, what shou
the fiscal cliff potentially sending the economy into recession. the fear of the cliff. is that putting a veil over your eyes and pretending you seeing good news that could make better trades for your portfolio? you need to see the forest for the trees. to help do that, liz saunders in a fox business exclusive, charles schwab's vice president and chief investment strategist. what is the biggest mistake that the investor is making right now as it pertains to navigating that very rocky fiscal...